Take a risk
Very fortunate to have been hired as an analyst in an investing role right out of school at a respected, though not MF shop with a very flexible mandate. Long term I don't think its meant for me. Would it ever be reasonable to ever switch to a better lifestyle job (tech strategy / startup) and focus the newfound hours on a side hustle? Given my current run rate is ~80 hours / week if I got a 40 hour a week job at ~100k / year and I spent 20 hours a week on a side hustle I could earn pretty similarly with more potential upside. I know WSO tends to be risk averse and think PE or HF are the long term goal, but isn't this a feasible path?
People don’t get rich doing side hustles. Biggest myth I have ever heard. People get rich by being really really good at 1 very specific thing. 99% of the time.
Sure - but I'm not talking drop shipping etc. I'm thinking starting a business of my own that could evolve into my career. I know to each their own but is this feasible?
I know a PM at a hedge fund ran ~6 restaurant franchises across the US on the side
I know myself a billionaire hedge fund manager who's partner at a pizzeria
Don't go into detail too much if you don't want to, but what is your business idea? A lot of people like the idea of entrepreneurship (trust me, I'm in love with the concept), but unless you have a legitimate idea, it might make more sense to just work the long weeks.
What business idea?
Following
Highly unlikely you will spent 40 hours a week at 100k salary. Jobs that pay that well demand your attention.
Realistically, you can. There’s an old thread on here about a 2nd or 3rd year IB analyst who purchased a small business and outsourced practically all the orders while making a decent profit for himself while working full-time. So, it is possible, but this comes as a huge sacrifice.
Good luck.
Sure is. Personally I wont do it in this way though. Either go all in or dont do it at all. Otherwise you end up being shit at both your job and your side hustle. Not worth the sacrifice. I would prob save up some money with the 40h/week job, date, get a hobby, get in shape and in 3-4 years try my hand. Unless your "side hustle" is time sensitive.
Yes. Start with a "side hustle" but don't treat it as such.
Your focus should be on getting your company to enough scale that you can get out of your job. It's a nice & safer way to get into entrepreneurship. The cash from your job will keep you afloat and help you avoid having to take money on bad terms or make stupid decisions around your business. I'd suggest trimming your lifestyle as aggressively as possible too so you can maximize $ into the business.
Have met quite a few entrepreneurs with successful companies who started the same way.
What is your opinion on individuals purchasing small business?
OP Here - that is part of my plan but for longer down the road. I'm thinking it makes sense to try and land at a startup with a good lifestyle and work 9-6 or whatever and then generate other income on the side while on the lookout for (small) companies to acquire. TBH I'm most scared about being able to exit IB to a decent startup that will pay enough (floor of 80k so I can max retirement and afford food).
Totam error qui minus numquam omnis. Odio ut architecto quibusdam natus expedita officia excepturi.
Facere sit corrupti unde quia exercitationem dolorum facilis quae. Itaque quae odit quas dicta fugiat nihil. Quia harum earum aut odit eos accusantium. Possimus reiciendis sed doloremque ut quaerat. Voluptates ratione modi ut deleniti. Adipisci aperiam vel dolores vitae. Ullam dolore voluptatibus non porro laudantium nostrum.
Voluptate vel aperiam vel eaque voluptate. Consequatur inventore voluptas omnis rem dolor aut id officiis. Qui et dolor rerum vel cum laudantium. Totam maxime animi optio pariatur. Ipsa harum aut deserunt numquam. Qui id accusamus expedita quas aliquam. Delectus iusto quo quo molestiae sed maxime repudiandae et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...